sar bank form

The additions to the “purpose” section of the Bank Secrecy Act in summary form, information on SARs filed that proved useful to law. A Currency Transaction Report (CTR), on the other hand, is a form that must be filled by a bank representative when a currency transaction. Court decision on broker dealer defficient SAR process. Suspicious activity reporting forms the cornerstone of the Bank Secrecy Act reporting system.

Sar bank form -

Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations

January 19, 2021

The Financial Crimes Enforcement Network (FinCEN), jointly with the Board of Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), and the Office of the Comptroller of the Currency (OCC) (collectively, the Federal banking agencies), and in consultation with the staff of certain other federal functional regulators, is issuing answers to frequently asked questions (FAQs) regarding suspicious activity reports (SARs) and other anti-money laundering (AML) considerations for financial institutions covered by SAR rules.1 The answers to these FAQs clarify the regulatory requirements related to SARs to assist such financial institutions with their compliance obligations, while enabling financial institutions to focus resources on activities that produce the greatest value to law enforcement agencies and other government users of Bank Secrecy Act (BSA) reporting. The answers to these FAQs neither alter existing BSA/AML legal or regulatory requirements, nor establish new supervisory expectations; they were developed in response to recent Bank Secrecy Act Advisory Group (BSAAG) recommendations, as described in more detail in FinCEN’s Advance Notice of Proposed Rulemaking (ANPRM) on Anti-Money Laundering Program Effectiveness, published in September 2020.2

Question 1: Requests by Law Enforcement for Financial Institutions to Maintain Accounts

Can a financial institution maintain an account or customer relationship for which it has received a written “keep open” request from law enforcement, even though the financial institution has identified suspicious or potentially illicit activity?3

Yes. Law enforcement may have an interest in ensuring that certain accounts and customer relationships remain open notwithstanding suspicious or potential criminal activity in connection with the account. A financial institution may decide to maintain an account based on a written “keep open” request from a law enforcement agency, however, it is not obligated to do so. The written request should be specific and indicate both that the law enforcement agency has requested that the financial institution maintain the account, as well as the purpose and duration of the request.4 Keeping such an account open as requested may be highly useful to law enforcement and may further efforts to identify and combat money laundering, terrorist financing, and other illicit financial activities.

A financial institution should not be criticized solely for its decision to maintain an account relationship at the request of law enforcement or for its decision to close the account. Ultimately, the decision to maintain or close an account should be made by a financial institution in accordance with its own policies, procedures, and processes. It may be useful for financial institutions to maintain documentation of “keep open” requests, including after a request has expired. If financial institutions keep such an account open as requested by law enforcement, they are still required to comply with all applicable BSA requirements, including requirements to conduct ongoing risk-based monitoring, and, as appropriate, file SARs,5 including continuing activity SARs consistent with FinCEN guidance.6

Question 2: Receipt of Grand Jury Subpoenas/Law Enforcement Inquiries and SAR Filing

Should a financial institution file a SAR solely on the basis of receiving a grand jury subpoena or other law enforcement inquiries?

No. The receipt of a law enforcement inquiry, such as a grand jury subpoena, does not by itself indicate that the criteria requiring the filing of a SAR have been met. However, receipt of a grand jury subpoena or other law enforcement inquiry is pertinent information relevant to a financial institution’s overall assessment of risk and the risk profile for the relevant customer(s) and account(s). Generally, a financial institution will assess and review all relevant information it has about a customer that is the subject of a grand jury subpoena or other law enforcement inquiries, in accordance with its risk-based AML program. For example, the receipt of a grand jury subpoena should cause a financial institution to review relevant account activity and transactions.7

The financial institution should determine whether SAR filing is necessary based on its assessment of all information available and applicable regulatory requirements. If a financial institution files a SAR on a customer or transaction following the receipt of a grand jury subpoena or other law enforcement inquiry, the SAR should focus on the facts and circumstances that support a finding of suspicious activity rather than the subpoena or inquiry itself.8

Question 3: Maintaining a Customer Relationship Following the Filing of a SAR or Multiple SARs

Is a financial institution required to terminate a customer relationship following the filing of a SAR or multiple SARs?

No. There is no BSA regulatory requirement to terminate a customer relationship after the filing of a SAR or any number of SARs. The decision to maintain or close a customer relationship as a result of the identification of suspicious activity is a determination for a financial institution to make based on the information available to it, its assessment of money laundering or other illicit financial activity risks, and established policies, procedures, and processes.

Financial institutions have the flexibility to develop risk-based procedures and monitoring processes for the purpose of updating the customer risk profile and determining when to maintain or close accounts. Generally, financial institutions have policies, procedures, and processes in place that establish an escalation process for decisions to maintain or terminate customer relationships based on relevant factors, including SAR filing(s). These processes establish criteria, including when review by senior management and legal staff is warranted, for the decision to maintain or terminate the customer relationship in light of elevated risk factors. As indicated above, there is no specific number of SAR filings that a financial institution must consider to trigger any particular escalation step. Rather, the number of SAR filings and other factors that trigger escalation steps may vary based upon, among other things, the risk profile of the customer, including the geographical locations involved, the volume and type of transactions conducted by customers, the type of account, and the types of SARs filed by the financial institution in relation to the customer.9

Question 4: SAR Filing on Negative News Identified in Media Searches

Is a financial institution required to file a SAR based solely on negative news?

No. The existence of negative news related to a customer or other activity at a financial institution does not by itself indicate that the criteria requiring the filing of a SAR have been met, and does not automatically require the filing of a SAR by a financial institution. A financial institution may review media reports, news articles and/or other references to assist in its performance of customer due diligence, as well as its evaluation of any transactions or activity it considers unusual or potentially suspicious. For example, negative news may cause a financial institution to review customer activity as well as other related information, such as that of third parties with transactions involving the customer’s account. As with other identified unusual or potentially suspicious activity, financial institutions should comply with applicable regulatory requirements and follow their established policies, procedures, and processes to determine the extent to which it investigates and evaluates negative news, in conjunction with its review of transactions occurring by, at, or through the institution, to determine if a SAR filing is required.

Question 5: SAR Monitoring on Multiple Negative Media Alerts

If there are multiple negative news alerts based on the same event, is a financial institution expected to independently investigate each of those alerts?

No. In circumstances where there are multiple negative news alerts (as identified through monitoring for unusual or suspicious activity) based on the same underlying events, a financial institution does not need to independently investigate each alert, but rather may consider whether the alert contains new or different information that warrants further investigation or whether the negative news otherwise assists or informs the evaluation of the activity at issue. Many financial institutions maintain a process for managing a high volume of alerts generated by news. This type of process will allow the financial institution to identify and evaluate new information and assess whether to update customer information and risk profile, investigate transactions which may result in the filing of a SAR, or escalate or terminate a customer relationship, as appropriate consistent with its policies, procedures, and processes. Financial institutions have flexibility in developing risk-based procedures and monitoring processes for the purpose of complying with customer due diligence requirements and, where appropriate, consideration of negative news.10

Question 6: Information in Data Fields and Narrative

Do financial institutions need to repeat information in the SAR narrative that has already been included in other SAR data fields?

No. As stated in the SAR instructions, information provided in other sections of a SAR does not need to be repeated in the narrative unless necessary to provide a clear and complete description of the suspicious activity.11 Consistent with FinCEN’s SAR instructions, financial institutions should focus the SAR narrative on the information necessary to enable the reader to understand the activity reported, including what was unusual or irregular about the activity that caused suspicion. For example, granular detail (such as subject identification data) that is reported in the appropriate SAR data fields does not need to be repeated in the SAR narrative, unless such information is necessary to clearly describe the activity reported. Additionally, the SAR narrative may benefit from information about the suspicious activity that may not be readily evident from SAR data fields alone, such as an explanation about why the filer selected different characterizations of suspicious activity in the SAR data fields. Note, however, that FinCEN Advisories may include requests for financial institutions to incorporate certain terms in SAR field 2 (Financial Institution Note to FinCEN) and in the narrative to indicate a connection between the suspicious activity being reported and the subject of an advisory.12

Question 7: SAR Character Limits

Should financial institutions file additional SARs on the same suspicious activity to accommodate narratives that are longer than the SAR narrative character limits?

No. Filers must provide a clear, complete, and concise description of the suspicious activity that led to the decision to file the SAR.13 A financial institution that reaches the SAR narrative character limit should not file an additional SAR to continue a narrative in order to avoid duplicate filings on the same activity in the database.14 Instead, filers should focus the relevant information in the narrative as much as possible, and may include additional, relevant information as an attachment to the SAR, or note that it is available as supporting documentation.

To keep narratives within the character limit and enable efficient review of information (such as transaction records) that is displayed most clearly in tabular format, filers can include a single comma-separated values (CSV) file with no more than one megabyte of data as an attachment to a SAR. If a filer wishes to include information in a tabular format in a SAR, the CSV attachment should be used; filers should not include tabular information within the SAR narrative.

Filers must retain all supporting documentation or a business record equivalent for five years from the date of the report.15 All supporting documentation (such as copies of instruments; receipts; sale, transaction or clearing records; photographs; and surveillance audio or video recordings) must be made available to appropriate authorities upon request.16

Источник: https://www.ncua.gov/newsroom/press-release/2021/ncua-federal-banking-agencies-fincen-issue-faqs-sar-and-other-aml-requirements/answers-faqs-regarding-suspicious-activity-reporting-and-other-anti-money

12 CFR § 21.11 - Suspicious Activity Report.

§ 21.11 Suspicious Activity Report.

(a)Purpose and scope. This section ensures that national banks file a Suspicious Activity Report when they detect a known or suspected violation of Federal law or a suspicious transaction related to a money laundering activity or a violation of the Bank Secrecy Act. This section applies to all national banks as well as any Federal branches and agencies of foreign banks licensed or chartered by the OCC.

(b)Definitions. For the purposes of this section:

(1)FinCEN means the Financial Crimes Enforcement Network of the Department of the Treasury.

(2)Institution-affiliated party means any institution-affiliated party as that term is defined in sections 3(u) and 8(b)(5) of the Federal Deposit Insurance Act (12 U.S.C. 1813(u) and 1818(b)(5)).

(3)SAR means a Suspicious Activity Report.

(c)SARs required. A national bank shall file a SAR with the appropriate Federal law enforcement agencies and the Department of the Treasury on the form prescribed by the OCC and in accordance with the form's instructions. The bank shall send the completed SAR to FinCEN in the following circumstances:

(1)Insider abuse involving any amount. Whenever the national bank detects any known or suspected Federal criminal violation, or pattern of criminal violations, committed or attempted against the bank or involving a transaction or transactions conducted through the bank, where the bank believes that it was either an actual or potential victim of a criminal violation, or series of criminal violations, or that the bank was used to facilitate a criminal transaction, and the bank has a substantial basis for identifying one of its directors, officers, employees, agents or other institution-affiliated parties as having committed or aided in the commission of a criminal act, regardless of the amount involved in the violation.

(2)Violations aggregating $5,000 or more where a suspect can be identified. Whenever the national bank detects any known or suspected Federal criminal violation, or pattern of criminal violations, committed or attempted against the bank or involving a transaction or transactions conducted through the bank and involving or aggregating $5,000 or more in funds or other assets where the bank believes that it was either an actual or potential victim of a criminal violation, or series of criminal violations or that it was used to facilitate a criminal transaction, and the bank has a substantial basis for identifying a possible suspect or group of suspects. If it is determined prior to filing this report that the identified suspect or group of suspects has used an alias, then information regarding the true identity of the suspect or group of suspects, as well as alias identifiers, such as drivers' license or social security numbers, addresses and telephone numbers, must be reported.

(3)Violations aggregating $25,000 or more regardless of potential suspects. Whenever the national bank detects any known or suspected Federal criminal violation, or pattern of criminal violations, committed or attempted against the bank or involving a transaction or transactions conducted through the bank and involving or aggregating $25,000 or more in funds or other assets where the bank believes that it was either an actual or potential victim of a criminal violation, or series of criminal violations, or that the bank was used to facilitate a criminal transaction, even though there is no substantial basis for identifying a possible suspect or group of suspects.

(4)Transactions aggregating $5,000 or more that involve potential money laundering or violate the Bank Secrecy Act. Any transaction (which for purposes of this paragraph (c)(4) means a deposit, withdrawal, transfer between accounts, exchange of currency, loan, extension of credit, or purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument or investment security, or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected) conducted or attempted by, at or through the national bank and involving or aggregating $5,000 or more in funds or other assets, if the bank knows, suspects, or has reason to suspect that:

(i) The transaction involves funds derived from illegal activities or is intended or conducted in order to hide or disguise funds or assets derived from illegal activities (including, without limitation, the ownership, nature, source, location, or control of such funds or assets) as part of a plan to violate or evade any law or regulation or to avoid any transaction reporting requirement under Federal law;

(ii) The transaction is designed to evade any regulations promulgated under the Bank Secrecy Act; or

(iii) The transaction has no business or apparent lawful purpose or is not the sort in which the particular customer would normally be expected to engage, and the institution knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction.

(d)Time for reporting. A national bank is required to file a SAR no later than 30 calendar days after the date of the initial detection of facts that may constitute a basis for filing a SAR. If no suspect was identified on the date of detection of the incident requiring the filing, a national bank may delay filing a SAR for an additional 30 calendar days to identify a suspect. In no case shall reporting be delayed more than 60 calendar days after the date of initial detection of a reportable transaction. In situations involving violations requiring immediate attention, such as when a reportable violation is ongoing, the financial institution shall immediately notify, by telephone, an appropriate law enforcement authority and the OCC in addition to filing a timely SAR.

(e)Reports to state and local authorities. National banks are encouraged to file a copy of the SAR with state and local law enforcement agencies where appropriate.

(f)Exceptions.

(1) A national bank need not file a SAR for a robbery or burglary committed or attempted that is reported to appropriate law enforcement authorities.

(2) A national bank need not file a SAR for lost, missing, counterfeit, or stolen securities if it files a report pursuant to the reporting requirements of 17 CFR 240.17f-1.

(g)Retention of records. A national bank shall maintain a copy of any SAR filed and the original or business record equivalent of any supporting documentation for a period of five years from the date of the filing of the SAR. Supporting documentation shall be identified and maintained by the bank as such, and shall be deemed to have been filed with the SAR. A national bank shall make all supporting documentation available to appropriate law enforcement agencies upon request.

(h)Notification to board of directors -

(1)Generally. Whenever a national bank files a SAR pursuant to this section, the management of the bank shall promptly notify its board of directors, or a committee of directors or executive officers designated by the board of directors to receive notice.

(2)Suspect is a director or executive officer. If the bank files a SAR pursuant to paragraph (c) of this section and the suspect is a director or executive officer, the bank may not notify the suspect, pursuant to 31 U.S.C. 5318(g)(2), but shall notify all directors who are not suspects.

(i)Compliance. Failure to file a SAR in accordance with this section and the instructions may subject the national bank, its directors, officers, employees, agents, or other institution-affiliated parties to supervisory action.

(j)Obtaining SARs. A national bank may obtain SARs and the Instructions from the appropriate OCC District Office listed in 12 CFR part 4.

(k)Confidentiality of SARs. A SAR, and any information that would reveal the existence of a SAR, are confidential, and shall not be disclosed except as authorized in this paragraph (k).

(1)Prohibition on disclosure by national banks -

(i)General rule. No national bank, and no director, officer, employee, or agent of a national bank, shall disclose a SAR or any information that would reveal the existence of a SAR. Any national bank, and any director, officer, employee, or agent of any national bank that is subpoenaed or otherwise requested to disclose a SAR, or any information that would reveal the existence of a SAR, shall decline to produce the SAR or such information, citing this section and 31 U.S.C. 5318(g)(2)(A)(i), and shall notify the following of any such request and the response thereto:

(A) Director, Litigation Division, Office of the Comptroller of the Currency; and

(B) The Financial Crimes Enforcement Network (FinCEN).

(ii)Rules of construction. Provided that no person involved in any reported suspicious transaction is notified that the transaction has been reported, this paragraph (k)(1) shall not be construed as prohibiting:

(A) The disclosure by a national bank, or any director, officer, employee or agent of a national bank of:

(1) A SAR, or any information that would reveal the existence of a SAR, to the OCC, FinCEN, or any Federal, State, or local law enforcement agency; or

(2) The underlying facts, transactions, and documents upon which a SAR is based, including, but not limited to, disclosures:

(i) To another financial institution, or any director, officer, employee or agent of a financial institution, for the preparation of a joint SAR; or

(ii) In connection with certain employment references or termination notices, to the full extent authorized in 31 U.S.C. 5318(g)(2)(B); or

(B) The sharing by a national bank, or any director, officer, employee, or agent of a national bank, of a SAR, or any information that would reveal the existence of a SAR, within the bank's corporate organizational structure for purposes consistent with title II of the Bank Secrecy Act as determined by regulation or in guidance.

(2)Prohibition on disclosure by the OCC. The OCC will not, and no officer, employee or agent of the OCC, shall disclose a SAR, or any information that would reveal the existence of a SAR, except as necessary to fulfill official duties consistent with title II of the Bank Secrecy Act. For purposes of this section, official duties shall not include the disclosure of a SAR, or any information that would reveal the existence of a SAR, in response to a request for use in a private legal proceeding or in response to a request for disclosure of non-public OCC information under 12 CFR 4.33.

(l)Limitation on liability. A national bank and any director, officer, employee or agent of a national bank that makes a voluntary disclosure of any possible violation of law or regulation to a government agency or makes a disclosure pursuant to this section or any other authority, including a disclosure made jointly with another financial institution, shall be protected from liability to any person for any such disclosure, or for failure to provide notice of such disclosure to any person identified in the disclosure, or both, to the full extent provided by 31 U.S.C. 5318(g)(3).

[61 FR 4337, Feb. 5, 1996, as amended at 75 FR 75583, Dec. 3, 2010]

Источник: https://www.law.cornell.edu/cfr/text/12/21.11

Suspicious Activity Reporting

More About The Suspicious Activity Report Form

What Is Meant By Suspicious Transaction Report?

Suspicious-transaction report refers to the information demanded by Internal Revenue Service from banks and other financial institutions regarding suspicious transactions.

What Are The SAR Reporting Requirements? Are There Deadlines For the SAR Filing Requirements?

SAR rules for SAR reporting requirements mean that banks must file a bank suspicious activity report form no later than 30 calendar days from the date of the initial detection.

Though the suspicious transaction report form asks who conducted the suspicious activity, the time period for filing a SAR is extended to 60 days if no suspect can be identified.

Note: The SAR Suspicious Activity Report form can be electronically filed through the BSA E-Filing System.

How To Fill Out The SAR Report

The SAR Report form has five sections, each containing information about the filing institution or the activity in question. The Suspicious Activity Reporting Form (the SAR Report) includes:
  • The name, address, social security or tax ID, birth date, drivers license number, passport number, occupation, and phone number of all parties involved with the activity
  • The date Range and codes for the type of Suspicious Activity
  • Information about your Financial Institution, and where the Suspicious activity occurred
  • Contact information for the financial institution's compliance officer (or equivalent) and list of any law enforcement agency that has been contacted while investigating the activity
  • A written description of the activity
Beyond completing and submitting the forms correctly, financial institutions also should consider how to train it's tellers and others on how to identify potential suspicious activities, as well as how to automate the process. Good luck with your Suspicious Activity Report training!
Источник: https://www.banktrainingcenter.com/suspicious-activity-reporting.asp

Thousands of financial institution employees flagging transactions that somehow don’t look right are the world’s first line of defense against money laundering.

What is a suspicious activity report?

  • A document used by financial institutions to report – you guessed it – suspicious activity to U.S. authorities.
  • These are strictly confidential – so secret that banks aren’t allowed to publicly confirm their existence.
  • They are required when a bank observes a transaction that seems suspicious — for example, if it appears to involve money laundering or corruption. A suspicious activity report (SAR) is not an accusation, it’s a way to alert government regulators and law enforcement to irregular activity and possible crimes.

FinCEN Files includes more than 2,100 suspicious activity reports mostly filed between 2011 and 2017 flagging more than $2 trillion worth of transactions. 

Who files SARs?

  • Banks, money exchanges, securities brokers, casinos and other financial institutions are required to file suspicious activity reports to the U.S. Treasury’s Financial Crimes Enforcement Network.
  • Failure to report can lead to civil penalties such as fines.

Who filed the most in the FinCEN Files?

The SARs in the FinCEN Files were mostly filed by a few large banks: Deutsche Bank (982), Bank of New York Mellon (325), Standard Chartered Bank (232), JP Morgan Chase (107), Barclays (104) and HSBC Bank (73). Together they filed more than 85% of all SARs in the leak.

How many SARs are filed each year?

The Financial Crimes Enforcement Network (FinCEN) received more than 12 million SARs between 2011 and 2017 – and more than two million in 2019 alone.

The FinCen Files represent less than 0.02% of the SARs filed in the main period they cover. 

What might spark a SAR?

  • Insider trading
  • Transactions linked to money laundering, terrorism financing or other crimes.
  • Odd dealings, like a diamond dealer paying a pizzeria for lingerie.
  • Transactions by individuals known or suspected to have links to criminal or terrorist organizations.
  • Law enforcement surveillance requests.

What is the most common reason banks give for filing a SAR?

In FinCEN Files, the main trigger was suspicion of money laundering.

This is disguising the source of illegally-obtained money, in an effort to make it appear legitimate. When criminals launder their dirty money, the “washing machine” that they use is the global financial system.

Money-laundering, just like the crimes it tries to hide, is a crime.

How long do banks have to file a SAR?

  • A SAR must be filed within 30 days once potential criminal activity is detected
  • If more time is needed to identify a subject, 60 days.

The median reporting time for SARs in the FinCEN Files was 166 days (nearly half a year) since the suspicious activity started.

What happens after a bank files a SAR?

FinCEN shares SARs with law enforcement authorities including the Federal Bureau of Investigation and U.S. Immigration and Customs Enforcement. They are used to detect crimes, but cannot be used as direct evidence to prove legal cases.

Источник: https://www.icij.org/investigations/fincen-files/suspicious-activity-reports-explained/

How Do Suspicious Activity Reports Work With Cash Withdrawals?

Banks and other financial institutions, ranging from casinos to check cashing businesses, must file reports on any suspicious activities if they suspect money laundering is taking place with large amounts of cash. The reports originate from a variety of businesses and alert government authorities to the existence of cash transactions that may involve consumer fraud, drug trafficking, organized crime and other illegal activities. Some practices are recognized commonly as suspicious activities, such as certain types of cash withdrawals.

Filing a Suspicious Activity Report

Banks and other financial businesses must file Suspicious Activity Reports, or SARs, for any suspect transactions above an amount specified in the Bank Secrecy Act; most times, the report is triggered by any activity that is out of the ordinary for that particular bank account. SARs are filed electronically on a standard form through the Financial Crime Enforcement Network's BSA E-filing system.

The institution filing the SAR must keep a copy on record for five years, along with supporting documentation pertaining to the reported activity. A business filing an SAR is prohibited from notifying the person involved in the suspicious activity that a report has been filed.

Types of Suspicious Activities

The Financial Crimes Enforcement Network, in the U.S. Department of Treasury, offers very broad guidance as to the types of financial activities that can trigger a Suspicious Activity Report. Their guidance essentially states that any activity that arouses suspicion should be reported as suspicious activity if it involves funds above the threshold amounts. Some activities involve obviously illegal behavior, such as using fake identification.

Other activities might be suspicious even if not obviously illegal, such as repeated deposits of small amounts of cash to avoid a single large transaction of more than $10,000, which would be reportable to the government, whether suspicious or not.

Suspicious Withdrawals

Numerous types of cash withdrawal transactions have been reported as suspicious activities. Structured withdrawals are repeated withdrawals of small amounts of cash in an attempt to avoid the $10,000 cash transaction trigger. Several food stores processing electronic food stamp credits have been investigated for such structured withdrawals. Drug money has been transferred internationally by cash deposits at ATMs in one country, with repeated withdrawals on the same account at ATMs in a foreign country. Some check fraud scams involve repeated withdrawals of cash before a check is recognized as worthless.

Non-Banking Businesses

Banks are not the only businesses required to file Suspicious Activity Reports. Any financial firm that handles sizable cash transactions is required to report. Such firms include check cashing stores, money order operations, brokerage houses, law firms, currency exchange houses, casinos and issuers of traveler's checks.

Источник: https://smallbusiness.chron.com/suspicious-activity-reports-work-cash-withdrawals-39299.html

What is a Suspicious Activity Report (SAR)?

Home  > Documents  > Suspicious Activity Report (SAR)

Suspicious Activity Report (SAR)

Suspicious Activity Report (SAR) is a report to the Financial Crimes Enforcement Network (FinCEN) to report any suspicious transaction that indicates money laundering, terrorist financing, fraud, or relates to a possible violation of law or regulation.

SARs are an important tool in the hands of federal and State law enforcement agencies in identifying, investigating, and prosecuting criminals by uncovering the financial connections to the crime. FinCEN, bank supervisory agencies, and various law enforcement agencies use SARs to investigate and analyze criminal activities. SAR information is used on a case-by-case basis and by identifying and analyzing existing and emerging trends and patterns in financial crime.

Source :www.MortgagesAnalyzed.com

A SAR form is filed electronically and contains the following information:

  1. Part I - Subject Information: Information about the subjects involved in the suspicious activities. The victims are not considered the subjects. This section is completed for each subject. If subjects are unknown then this section is completed only once to show that all subject information is unknown. Subject information includes name, address, gender, identification information, phone numbers, etc.
  2. Part II - Suspicious Activity Information: Information related to the suspicious activity such as amount involved, date or date range of suspicious activity, types of suspicious activity, product types involved, etc.
  3. Part III - Information about Financial Institution Where Activity Occurred: This section contains information about the financial institutions where the suspicious activity occurred. This section is completed for each financial institution involved with the suspicious activity occurred. Financial institution information includes name of financial institution, type of financial institution, address of financial institution, name of primary federal regulator, identification numbers, branch information, etc.
  4. Part IV Filing Institution Contact Information: The information about the financial institution that is filing the SAR. This section includes information such as filer name, TIN, of primary federal regulator, type of financial institution, details of law enforcement agency to which the suspicious activity was reported, contact information of the filing institution, etc.
  5. Part V Suspicious Activity Information – Narrative: This section contains a narrative of the suspicious activity. The expectation is that the narrative is clear, complete, and concise description of the suspicious activity, and includes any information that the filer believes will help an investigator to have develop a clear understanding of the suspicious activity. The narrative must be in English. This section may include attachments that provide transactional and other details in a tabular data.

Review FinCEN SAR Electronic Filing Instructions for more details on the contents of SAR and the instructions for filing a SAR.

Source :www.MortgagesAnalyzed.com

Various financial institutions are required to file SAR, which includes banks, loan or finance companies, broker or dealer in securities, money services business, casinos, and other institutions.

Are Mortgage Lenders or Originators Required to File SARs?

Yes. Mortgage lenders and mortgage originators are required to comply with the FinCEN's Bank Secrecy Act regulations and file a SAR when the transaction meets SAR reporting requirements. This requirement applies to mortgage lenders or originators that are part of a Bank, independent mortgage lenders, mortgage loan originators/brokers, and housing government sponsored enterprises. Independent mortgage lenders and mortgage brokers are considered a loan or finance company (31 CFR 1010.100(lll)). Housing government sponsored enterprises includes The Federal National Mortgage Association, The Federal Home Loan Mortgage Corporation, and each Federal Home Loan Bank (31 CFR 1010.100(mmm)).

As a result of SAR filing requirements, the mortgage lenders, mortgage originators, and housing government sponsored enterprises must have a program to monitor and detect suspicious transactions.

Source :www.MortgagesAnalyzed.com

Mortgage Products

SARs are filed for mortgage products under the following categories:

  1. Commercial Mortgage
  2. Home Equity Line of Credit
  3. Home Equity Loan
  4. Residential Mortgage

Mortgage Fraud

SARs are filed for mortgage fraud under the following categories:

  1. Appraisal Fraud
  2. Foreclosure Fraud
  3. Loan Modification Fraud
  4. Reverse Mortgage Fraud
  5. Other Mortgage Fraud

Visit Suspicious Activity Report (SAR) Trends page for the trends in SAR filing.

Source :www.MortgagesAnalyzed.com

When to File a SAR?

As per FFIEC Bank Secrecy Act Anti-Money Laundering Examination Manual, a SAR is required to be filed with respect to:

  1. Criminal violations involving insider abuse in any amount.
  2. Criminal violations aggregating $5,000 or more when a suspect can be identified.
  3. Criminal violations aggregating $25,000 or more regardless of a potential suspect.
  4. Transactions conducted or attempted by, at, or through the bank (or an affiliate) and aggregating $5,000 or more, if the bank or affiliate knows, suspects, or has reason to suspect that the transaction:
    1. May involve potential money laundering or other illegal activity (e.g., terrorism financing).
    2. Is designed to evade the BSA or its implementing regulations.
    3. Has no business or apparent lawful purpose or is not the type of transaction that the particular customer would normally be expected to engage in, and the bank knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction.

These requirements are based on the regulations specified in FinCEN regulations - Chapter X (31 CFR 1000 to 31 CFR 1099).

Source :www.MortgagesAnalyzed.com

A reporting entity is any bank, mortgage lender, mortgage originator, or any other entity that is required to file a SAR. The timing for SAR filing starts after the date of the initial detection by the reporting entity of facts that may constitute a basis for filing a SAR. In other words, the timing for SAR filing is counted from the date the reporting entity detects suspicious activity. The due date for SAR filing is based on the following:

  1. If a suspect is identified, then a SAR must be filed no later than 30 calendar days after the date when the suspicious activity was detected.
  2. If a suspect is not identified, then a SAR must be filed no later than 60 calendar days after the date when the suspicious activity was detected.

How to file a SAR?

SARs are filed electronically with FinCEN using their BSA E-Filing System. From April 1, 2013, FinCEN only accepts electronic filing through BSA E-Filing System and no longer accepts paper forms or other legacy forms. Visit FinCEN's Filing Information webpage for details for BSA forms and filing requirements.

SAR Quality

FinCEN and other regulatory agencies expect a SAR to be complete, accurate, and timely. SARs must be supported by adequate documentation to show how details of the transaction. It is essential that a reporting agency files ensures that its staff is reviewing the SAR quality before it is filed.

Source :www.MortgagesAnalyzed.com

Federal regulations prohibit disclosure of a SAR or any information that would reveal the existence of a SAR. This prohibition applies to any entity reporting the SAR, which includes bank, mortgage lender, loan or finance company. The prohibition also applies to the directors, officers, employees, or agents of the reporting entity. Therefore, it is essential that the confidentiality of the SAR is maintained at all times.

Source :www.MortgagesAnalyzed.com

The FinCEN regulations requires the bank, lender, or reporting entity who filed the SAR or on whose behalf the SAR is filed to maintain a copy of SAR and the originals of all supporting documentation for a period of five years from the date of filing the SAR. The entity must be able to provide the documentation to a federal or state examining authority to demonstrate that the SAR filing requirements have been met.

Source :www.MortgagesAnalyzed.com

  1. FinCEN Regulations: The regulations that require SAR filing are codified in Chapter X - FinCEN Regulations. The specific regulations are:
    1. For mortgage lenders that are part of Banks, the regulations governing SAR filing requirements are codified in 31 CR 1020.320.
    2. For independent mortgage lenders, the regulations governing SAR filing requirements are codified in 31 CFR 1029.320.
    3. For housing government sponsored enterprises (Fannie Mae, Freddie Mac, Federal Home Loan Banks), the regulations governing SAR filing requirements are codified in 31 CFR 1030.320.
    4. Additionally, all filers should review 31 CFR 1010 for general provisions.
  2. Banking Agencies Regulations: The applicable regulations for each various banking agencies are:
    1. Federal Reserve Board
      1. FRB Regulation H, 12 CFR 208.62
      2. FRB Regulation K, 12 CFR 211.5(k) and 12 CFR 211.24(f)
      3. FRB Regulation Y, 12 CFR 225.4(f)
    2. Federal Deposit Insurance Corporation (FDIC)
      1. 12 CFR 353
    3. National Credit Union Administration (NCUA)
      1. 12 CFR 748
    4. Office of the Comptroller of the Currency (OCC)
      1. 12 CFR 21.11
      2. 12 CFR 163.180
  3. FFIEC BSA/AML Exam Manual: The Suspicious Activity Reporting - Overview section of the 2014 FFIEC Bank Secrecy Act/Anti Money Laundering Examination Manual provides guidance on SAR filing.

Source :www.MortgagesAnalyzed.com

Purpose

The purpose of SAR is to report suspicious activities to FinCEN.

Use in Mortgages

Lenders use this form to comply with BSA/AML regulations to report suspicious activities.

Common Names

Suspicious Activity Report

Provided By

Banks, Loan or Finance Company that includes mortgage originator and mortgage lender, and other financial institutions

Life Cycle Stage

SAR may be filed during loan origination or servicing.

Recordkeeping

SAR and its supporting documents must be retained for a period of five years from the date of filing the SAR.

Model Form

N.A. Filed electronically.

Applicable Laws

BSA/AML regulations (FinCEN Chapter X, 31 CR 1020.320, 31 CR 1029.320, 31 CR 1030.320) and various federal banking regulations.

Source :www.MortgagesAnalyzed.com

Источник: https://www.mortgagesanalyzed.com/gyan/docs/suspicious-activity-report/suspicious-activity-report

watch the video

How to Write a SAR Narrative

Suspicious Activity Reporting

More About The Suspicious Activity Report Form

What Is Meant By Suspicious Transaction Report?

Suspicious-transaction report refers to the information demanded by Internal Revenue Service from banks and other financial institutions regarding suspicious transactions.

What Are The SAR Reporting Requirements? Are There Deadlines For the SAR Filing Requirements?

SAR rules for SAR reporting requirements mean that banks must file a bank suspicious activity report form no later than 30 calendar days from the date of the initial detection.

Though the suspicious transaction report form asks who conducted the suspicious activity, the time period for what time is marshalls open today a SAR is extended to 60 days if no suspect can be identified.

Note: The SAR Suspicious Activity Report form can be electronically filed through the BSA E-Filing System.

How To Fill Out The SAR Report

The SAR Report form has five sections, each containing information about the filing institution or the activity in question. The Suspicious Activity Reporting Form (the SAR Report) includes:
  • The name, address, social security or tax ID, birth date, drivers license number, passport number, occupation, and phone number of all parties involved with the activity
  • The date Range and codes for the type of Suspicious Activity
  • Information about your Financial Institution, and where the Suspicious activity occurred
  • Contact information for the financial institution's compliance officer (or equivalent) and list of any law enforcement agency that has been contacted while investigating the activity
  • A written description of the activity
Beyond completing and submitting the forms correctly, financial institutions also should consider how to train it's tellers and others on how to identify potential suspicious activities, as well as how to automate the process. Good luck with your Suspicious Activity Report training!
Источник: https://www.banktrainingcenter.com/suspicious-activity-reporting.asp

Anti-Money Laundering

Anti-Money Laundering

Bank of America has implemented an enterprise-wide Anti-Money Laundering (AML) compliance program, which covers all of its subsidiaries and affiliates, and is reasonably designed to comply with applicable laws and regulations. Should you or your institution require general information about Bank of America’s AML compliance program, please see the following:

Bank of America Anti-Money Laundering (AML) and Counter-Terrorist Financing Policy Statement

Crime has a destructive and devastating effect on the communities in which we operate. Safeguarding the global financial system is critically important for the economic and national security of the jurisdictions in which we operate. Accordingly, it is the policy of Bank of America to take all reasonable and appropriate steps to prevent persons engaged in money laundering, fraud, or other financial crime, including the financing of terrorists or terrorist operations, (hereinafter collectively referred to as “money laundering”) from utilizing Bank of America products and services. Compliance with both the letter and the spirit of the anti-money sar bank form regulatory regimes in the countries and jurisdictions in which Bank of America operates is one way the Bank works to achieve this policy.

Bank of America AML Compliance Program

Bank of America has developed an Anti-Money Laundering Compliance Program to comply with applicable laws and regulations. Please click the following link to view and/or print a letter from Bank of America’s Global Financial Crimes Compliance Executive.

Bank of America AML Compliance Program Letter

Bank of America AML Questionnaire

Bank of America has also prepared an AML Questionnaire, based on Wolfsberg’s publication of the Banker’s Almanac AML Questionnaire, for use by any financial institution that requires more detailed information about Bank of Sar bank form AML compliance program. Please click below to view/print the questionnaire.

Bank of America AML Questionnaire

Patriot Act Certification

Bank of America has prepared a global certification for use by any financial institution that requires a Patriot Act Certification (PAC) for a Bank of America foreign entity. Please click the below link to view/print our Patriot Act Certification.

Bank of America PAC

Bank of America Economic Sanctions Compliance Program

Bank of America has developed an Economic Sanctions Program to comply with applicable laws and regulations. Please click the following link to view and/or print a letter from Bank of America’s Global Economic Sanctions Executive.

Bank of America Economic Sanctions Compliance Program Letter
Источник: https://investor.bankofamerica.com

How Do Suspicious Activity Reports Work With Cash Withdrawals?

Banks and other financial institutions, ranging from casinos to check cashing businesses, must file reports on any suspicious activities if they suspect money laundering is taking place with large amounts of cash. The reports originate from a variety of businesses and alert government authorities to the existence of cash transactions that may involve consumer fraud, drug trafficking, organized crime and other illegal activities. Some practices are recognized commonly as suspicious activities, such as certain types of cash withdrawals.

Filing a Suspicious Activity Report

Banks and other financial businesses must file Suspicious Activity Reports, or SARs, for any suspect transactions above an amount specified in the Bank Secrecy Act; most times, the report is triggered by any activity that is out of the ordinary for that particular bank account. SARs are filed electronically on a standard form through the Financial Crime Enforcement Network's BSA E-filing system.

The institution filing the SAR must keep a copy on record for five years, along with supporting documentation pertaining to the reported activity. A business filing an SAR is prohibited from notifying the person involved in the suspicious activity that a report has been filed.

Types of Suspicious Activities

The Financial Crimes Enforcement Network, in the U.S. Department of Treasury, offers very broad guidance as to the types of financial activities that can trigger a Suspicious Activity Report. Their guidance essentially states that any activity that arouses sar bank form should be reported as suspicious activity if it involves funds above the threshold amounts. Some activities involve obviously illegal behavior, capital one bank atm near me as using fake identification.

Other activities might be suspicious even if not obviously illegal, such as repeated deposits of small amounts of cash to avoid a single large transaction of more than $10,000, which would be reportable to the government, whether suspicious or not.

Suspicious Withdrawals

Numerous types of cash withdrawal transactions have been reported as suspicious activities. Structured withdrawals are repeated withdrawals of small amounts of cash in an attempt to avoid the $10,000 cash transaction trigger. Several food stores processing electronic food stamp credits have been investigated for such structured withdrawals. Drug money has been transferred internationally by cash deposits at ATMs in one country, with repeated withdrawals on the same account at ATMs in a foreign country. Some check fraud scams involve repeated withdrawals of cash before a check is recognized as worthless.

Non-Banking Businesses

Banks are not the only businesses required to file Suspicious Activity Reports. Any financial firm that handles sizable cash transactions is required to report. Such firms include check cashing stores, money order operations, brokerage houses, law firms, currency exchange houses, casinos and issuers of traveler's checks.

Источник: https://smallbusiness.chron.com/suspicious-activity-reports-work-cash-withdrawals-39299.html

FinCEN Updates SAR Form

In case you missed it, FinCEN recently announced revisions to the Suspicious Activity Report (SAR).  These revisions do not create any new Deb11regulatory requirements or change the current SAR reporting requirements.  They do; however, create some new, modified and expanded options for reporting suspicious activity.

Some of the changes include:

  • A new text field to alert FinCEN that a SAR is being filed in response to a current GTO (Geographic Targeting Order), advisory or other activity;
  • A new suspicious activity type for “Cyber Event”;
  • New or modified options for Structuring, Fraud, Gaming activities, Money laundering, Identification/Documentation, Other suspicious activities, Securities/Futures/Options, and Mortgage fraud;
  • New text fields with an IP Address field to record the date and/or timestamp of the first instance of the reported IP address;
  • New category of fields to record up to 99 cyber events associated with the suspicious activity;
  • New product type selections; and,
  • New subtype selections for securities and futures institutions.

Additionally, these revisions require batch filers to submit the updated SAR data in an XML based file format, rather than the current ASCII based fixed-length delimited file.  The new SAR will be available on the BSA E-Filing System to discrete (single) filers sometime in June 2018.  Batch filers with have six months after the yet-to-be-announced June “go-live” date to change over to the XML format.  ASCII batch files will be accepted until January 1, 2019.

 

We will include an update on the changes in our August 9, 2018, Suspicious Activity Reporting Video Webinar!

 

Published
2018/02/23
Deb Irving

HMDA Rate Spread Calculator 100x100

Deb Irving

Deb joined Banker’s Compliance Consulting with twenty years of experience in the banking industry. Her past positions include teller, credit review analyst, assistant financial officer, BSA Officer, Compliance Officer, and Director of Compliance. She has worked for both a small community bank and a large billion-dollar bank.

Deb has Associate Degrees in Business Management and Accounting. She is a graduate of the American Bankers Association National Graduate School of Compliance Management, an honors graduate of Schools of Banking Compliance School, and a graduate of Schools of Banking Advanced School of Banking. Deb’s considerable knowledge and experience make her a valuable member of the Banker’s Compliance Consulting Team. Deb is a Certified Regulatory Compliance Manager (CRCM) and a Certified Anti Money-Laundering Specialist (CAMS).

Deb loves to spend her free sar bank form cycling, running, kayaking and weight lifting with her husband. Between them, they have three adult children and six grandchildren. Other interests include anything outdoors and anything she hasn’t done or seen yet!

Источник: https://www.bankerscompliance.com/fincen-updates-sar-form/

What is a suspicious activity report?

A Suspicious Activity Report (SAR) is a document that financial institutions, and those associated with their business, must file with the Financial Crimes Enforcement Network (FinCEN) whenever there is a suspected case of money laundering or fraud. These reports are tools to help monitor any activity within finance-related industries that is deemed out of the ordinary, a precursor of illegal activity, or might threaten public safety.

Who regulates suspicious activity reports?

Suspicious activity reports are a tool provided by the Bank Secrecy Act (BSA) of 1970. Originally called a "criminal referral form" the SAR became the standard form to report suspicious activity in 1996. Mainly used to help financial institutions detect and report known or suspected violations, the USA Patriot Act expanded SAR requirements to help combat domestic td bank usa number global terrorism. Whether financial or otherwise, SARs enable law enforcement agencies to uncover and prosecute significant money laundering, criminal financial schemes, and other illegal endeavors. SARs give governments an opportunity to spot and analyze emerging trends and patterns across a broad spectrum of personal and organized crimes. With this knowledge, they can anticipate and counteract fraudulent and criminal behavior before it gains a foothold.

When is a suspicious activity report required?

The criteria for providing a SAR differs from country to country and even from institution to institution, depending on the nature of the suspicious activity and the particulars of the bank or fund. In the United States, FinCEN requires a suspicious activity report in a few instances. First, if financial institutions believe an employee engaged in insider activity, they must file a report. However, it is not limited only to employees. Financial institutions monitor customer transactions, too. If potential money laundering or violations of the BSA are detected, a report is required. Computer hacking and customers operating an unlicensed money services business also trigger an action. Once potential criminal activity is detected, the SAR must be filed within 30 days. If more evidence is needed – such as identifying a subject involved – an extension not to exceed 60 days is available. Finally, SAR filings must be kept for five years from the date of the filing. Failure to comply with any of these regulations can result in civil and criminal penalties, including substantial fines, regulatory restrictions, loss of banking charter, and even imprisonment.

What institutions need to be aware of suspicious activity reports?

Many different types of financial industries require SAR reports, including banks and credit unions, stock and mutual fund brokers, and various money service businesses (check cashing companies, money order providers, etc.) However, casinos and card clubs, precious metals or gems dealers, insurance companies, and those involved in the mortgage business, all fall under the stipulations of the BSA. If there is an opportunity for money laundering, tax evasion, or criminal financing within the day-to-day business of the institution, the organization and its employees are required to be aware of the rules and regulations around suspicious activity reports.

Who can report suspicious activity?

A suspicious activity report can start with citicards sign in costco employee within a financial institution. Employees are generally trained to flag and investigate suspicious activity. For example, if an employee notices an anonymous wire transfer of money out of the country or large amounts of money deposited into an account that had never seen such activity before, they would communicate their findings to supervisors who decide whether to file a report. While most SARs come from the financial sector, law enforcement, public safety workers, city or state officials, business owners, and even the general public can submit a suspicious activity report. The report functions in the same way as it does with financial matters. Whether it is a financial matter, or one related to national security, a suspicious activity report ultimately circulates to local, state, and federal agencies through the use of fusion centers. These centers make the information available to whatever other agencies may be affected by the flagged activity.

How confidential are suspicious activity reports?

The effectiveness of a SAR report is connected to the extreme confidentiality required for such reporting. At no time is the person under investigation told about the pending report. Likewise, any discussion with outside groups such as media companies is considered an unauthorized disclosure and is a federal criminal offense. When a bank or financial institution files a SAR, they are required to take significant steps to ensure the information provided is reviewed at multiple stages by financial investigators, company management, and attorneys before finalizing the SAR. Maintaining a high level of confidentiality is vital. As a result. there are special privileges that protect people who submit suspicious activity reports, whether as a part of a company or on their own. The individual (or organization) is not required to disclose their name and are immune to the discovery process. All reporters receive immunity for statements made in the SAR.

How do you submit a suspicious activity report?

Since 2012, all SAR filings are required to go through FinCEN's BSA e-file system. This system allows for greater standardization of the information, as well as increased efficiency, which is critical in situations where public safety is a concern. When a SAR is filed, five sections of information are required. First, reporters collect names, addresses, social security numbers, birth dates, driver licenses or passport numbers, occupations, and phone numbers of all parties involved. Next, the dates of the incident, as well as codes for the suspicious activity require documentation. Reporters are then asked to provide information about the financial institution where the activity occurred, as well as contact information for the institution. Finally, a written description of the activity is developed, providing a narrative to the data.

Where can I find SARs forms?

The standard SAR form is on the BSA e-file system. However, there are many online tutorials and databases to help financial employees, legal professionals, and lay people navigate the complexities of the reporting process.

Источник: https://legal.thomsonreuters.com/en/insights/articles/what-is-a-suspicious-activity-report

Appendix B: Generation of the Late/Incomplete Notice

When the SAR form is not returned or is returned late or incomplete, the Late/Incomplete Notice (L/IN, PA 564-A) is sent. (See Chapter 571, Appendix A.) The L/IN serves as the Advance Na meetings staten island new york to close for the cash and SNAP programs. The L/IN includes:

  • Questions from the SAR that were not answered, along with the pre-populated information as it appeared on the SAR form.

  • The extended due date when the L/IN must be in the CAO.

NOTE:  The L/IN does not serve as an Advance Notice for the Medical Assistance program. To close or change a Medical Assistance program through the SAR process, the CAO must send an Advance Notice. See Medical Assistance Handbook, Section 377.4.

Question #1 will always be printed and answered on the L/IN for use as a reference for the recipient to answer other questions. If this question was not answered or completed by the recipient, the question “Did anyone move into or out of your household?” will also appear on the L/IN.

The completion of the tracking screen based on the information provided on the SAR form will directly impact the information on the L/IN. For example:

  • If all questions are incomplete, and the ALL boxes on the SAR form and on the CCMRTK screen are checked, then all questions and data from the SAR form will be printed on the L/IN.

  • If the SAR form is not signed, and the UNSIGNED boxes on the SAR form and on the CCMRTK screen are checked, then the L/IN will tell the client, “You did not sign your semiannual reporting form. Please sign the certification section and return the form.”

1. Did anyone move into or out of your household? If yes, list who and their relationship to you.

Question #1 asks for a report of changes in who lives in the household. Block 1 is checked if question #1 is not answered or is incomplete. There is no longer a requirement to track verification for this question. The caseworker should contact the recipient as needed.

2. Did any household member start a new job, change a job, or stop working? If yes, list any changes, such as job start date, end date, date of first pay, how often paid). Provide proof (pay stubs, employer statements, etc.).

Question #2 asks for a report of employment changes. Block 2 is checked if question #2 is not answered and both the question and the data are printed on the L/IN. If the household reports changes, verification must be provided. Block 2V is checked if proof of changes is inadequate or not attached, and the statement “You did not provide proof of any changes” is printed. If both Block 2 and 2V are checked, the question and the data will be printed on the L/IN.

3. Provide proof (pay stubs, employer statements, etc.) of all work income any household member received in the month of [reporting month]

Question #3 asks for a report of earned income. If a household member has earned income in the reporting month, proof must be provided. If all proof pay my spectrum cell phone bill not provided or is inadequate, Block 3V is checked, and the following statement is printed on the L/IN: “You did not provide proof of any changes."

4. Did any household member lose or start receiving income or have a change in amount? If yes, list any changes. Provide proof (award letter, support court orders, etc.).

Question #4 asks for a report of unearned income tdb india changes. Block 4 is checked if question #4 is not answered and both the question and the data are printed on the L/IN. If the recipient reports changes, verification must be provided. Block 4V is checked if proof of changes is inadequate or not attached, and the statement "You did not provide proof of any changes" is printed. If both Block 4 and 4V are checked, the question and the data will be printed on the L/IN.

5. Is the address on this form your current address? If no, what is your new address? Provide proof (Examples: lease, landlord statement, deed, etc.).

If you receive SNAP benefits and you have moved, what are your shelter (rent/mortgage) and utility costs? Do you pay for your own heating and/or air conditioning?

Question #5 asks for a report of an address change. Block 5 is checked if the question is not answered, and Question #5 is printed on the L/IN. Data is not filled in for this question, but the recipient has space to provide a new address. The portion of the question regarding shelter and utility costs does not need to be answered or verified and will not be tracked. Recipients are advised in the Instructions section the last guardian trico commands that if this information is not provided, it may result in less or no SNAP benefits.

6. Did any household member have a change in the amount he is requested to pay? If yes, list any changes. Provide copy of support court order or letter and proof of payment.

Question #6 asks for a report of the amount of support paid for children outside the household. This question is not required to be tracked and has no corresponding block on the SAR form. Recipients are advised in the instructions that changes in support paid will affect SNAP benefits and that they may receive less or no SNAP benefits if this information is not provided and verified. This question will appear on the L/IN only if the SAR form is not received or if the ALL box is checked on the SAR form.

7. Are there any changes? If yes, list any changes. Provide copy of bill or statement from caregiver.

Question #7 asks for a report of the amount paid for child care or for care of a sick or disabled person. Recipients are advised in the instructions that changes in support paid will affect SNAP benefits and that they may receive less or no SNAP benefits if this information is not provided and verified. This question will appear on the L/IN only if the SAR form is not received or if the ALL box is checked on the SAR form.

8. Has the information in this section changed? Does any household member have resources not listed above? If you answered yes to either capital one auto finance minneapolis address, list any changes. Provide proof (copy of bank statement, vehicle registration, etc.)

Question #8 asks for a report of household resources. Block 8 is checked if the recipient does not answer either or both questions.

Exception: The CAO must not mark this question as incomplete, regardless of the answers, if resource information is not required in the eligibility determination according to Medical Assistance Handbook, Section 340.1.

Question #8 and the data information are printed on the L/IN. If required changes are reported, proof of resource changes must be provided. Block 8V is checked if the proof of changes is inadequate or not attached, and the statement "You did not provide proof of any changes" is printed. If both Block 8 and 8V are checked, the question and the data will be printed on the L/IN.

Reminder:  The CAO worker must always narrate any incomplete verification. This will make it easier for CAO and Change Center staff to help recipients with any questions on what information must be provided.

Reissued March 1, 2012, replacing September 30, 2008

Источник: http://services.dpw.state.pa.us/oimpolicymanuals/snap/571_Semi-Annual_Reporting_(SAR)/571_Appendix_B.htm

12 CFR § 21.11 - Suspicious Activity Report.

§ 21.11 Suspicious Activity Report.

(a)Purpose and scope. This section ensures that national banks file a Suspicious Activity Report when they detect a known or suspected violation of Federal law or a suspicious transaction related to a money laundering activity or a violation of the Bank Secrecy Act. This section applies to all national banks as well as any Federal branches and agencies of foreign banks licensed or chartered by the OCC.

(b)Definitions. For the purposes of this section:

(1)FinCEN means the Financial Crimes Enforcement Network of the Department of the Treasury. sar bank form party means any institution-affiliated party as that term is defined in sections 3(u) and 8(b)(5) of the Federal Deposit Insurance Act (12 U.S.C. 1813(u) and 1818(b)(5)).

(3)SAR means a Suspicious Activity Report.

(c)SARs required. A national bank shall file a SAR with the appropriate Federal law enforcement agencies and the Department of the Treasury on the form prescribed by the OCC and in accordance with the form's instructions. The bank shall send the completed SAR to FinCEN in the following circumstances:

(1)Insider abuse involving any amount. Whenever the national bank detects any known or suspected Federal criminal violation, or pattern of criminal violations, committed or attempted against the bank or involving a transaction or transactions conducted through the bank, where the bank believes that it was either an actual or potential victim of a criminal violation, or series of criminal violations, or that the bank was used to facilitate a criminal transaction, and the bank has a substantial basis for identifying one of its directors, officers, employees, agents or other institution-affiliated parties as having committed or aided in the commission of a criminal act, regardless of the amount involved in the violation.

(2)Violations aggregating $5,000 or more where a suspect can be identified. Whenever the national sar bank form detects any known or suspected Federal criminal violation, or pattern of criminal violations, committed or attempted against the bank or involving a transaction or transactions conducted through the bank and involving or aggregating $5,000 or more in funds or other assets where the bank believes that it was either an actual or potential victim of a criminal violation, or series of criminal violations or that it was used to facilitate a criminal transaction, and the bank has a substantial basis for identifying a possible suspect or group of suspects. If it is determined prior to filing this report that the identified suspect or group of suspects has used an alias, then information regarding the true identity of the suspect or group of sar bank form, as well as alias identifiers, such as drivers' license or social security numbers, addresses and telephone numbers, must be reported.

(3)Violations aggregating $25,000 or more regardless of potential suspects. Whenever the national bank detects any known or suspected Federal criminal violation, or pattern of criminal violations, committed or attempted against the bank or involving a transaction or transactions conducted through the bank and involving or aggregating $25,000 or more in funds or other assets where the bank believes that it was either an actual or potential victim of a criminal violation, or series of criminal violations, or that the bank was used to facilitate a criminal transaction, even though there is no substantial basis for identifying a possible suspect or group of suspects.

(4)Transactions aggregating $5,000 or more that involve potential money sar bank form or violate the Bank Secrecy Act. Any transaction (which for purposes of this paragraph (c)(4) means a deposit, withdrawal, transfer between accounts, exchange of currency, loan, extension of credit, or purchase or sale of any stock, bond, certificate of deposit, or other monetary instrument or investment security, or any other payment, transfer, or delivery by, through, or to a financial institution, by whatever means effected) conducted or attempted by, at or through the national bank and involving or aggregating $5,000 or more in funds or other assets, if the bank knows, suspects, or has reason to suspect that:

(i) The transaction involves funds derived from illegal activities or is intended or conducted in order to hide or disguise funds or assets derived from illegal activities (including, without limitation, the ownership, nature, source, location, or control of such funds or assets) as part of a plan to violate or evade any law or regulation or to avoid any transaction reporting requirement under Federal law;

(ii) The transaction is designed to evade any regulations promulgated under the Bank Secrecy Act; or

(iii) The transaction has no business or apparent lawful purpose or is not the sort in which the particular customer would normally be expected to engage, and the institution knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction.

(d)Time for reporting. A national bank is required to file a SAR no later than 30 calendar days after the date of the initial detection of facts that may constitute a basis for filing a SAR. If no suspect was identified on the date of detection of the incident requiring the filing, a national bank may delay filing a SAR for an additional 30 calendar days to identify a suspect. In no case shall reporting be delayed more than 60 calendar days after the date of initial detection of a reportable transaction. In situations involving violations requiring immediate attention, such as when a reportable violation is ongoing, the financial institution shall immediately notify, by telephone, an appropriate law enforcement authority and the OCC in addition to filing a timely SAR.

(e)Reports to state and local authorities. National banks are encouraged to file a copy of the SAR sar bank form state and local law enforcement agencies where appropriate.

(f)Exceptions.

(1) A national bank need not file a SAR for a robbery or burglary committed or attempted that is reported to appropriate law enforcement authorities.

(2) A national bank need not file a SAR for lost, missing, counterfeit, or stolen securities if it files a report pursuant to the reporting requirements of 17 CFR 240.17f-1.

(g)Retention of records. A national bank shall maintain a copy of any SAR filed and the original or business record equivalent of any supporting documentation for a period of five years from the date of the filing of the SAR. Supporting documentation shall be identified and maintained by the bank as such, and shall be deemed to have been filed with the SAR. A national best numbing cream for waxing uk bank shall make all supporting documentation available to appropriate law enforcement agencies upon request.

(h)Notification to board of directors -

(1)Generally. Whenever a national bank files a SAR pursuant to this section, the management of the bank shall promptly notify its board of directors, or a committee of directors or executive officers designated by the board of directors to receive notice.

(2)Suspect is a director or executive officer. If the bank files a SAR pursuant to paragraph (c) of this section and the suspect is a director provident state bank hurlock md executive officer, the bank may not notify the suspect, pursuant to 31 U.S.C. 5318(g)(2), but shall notify all directors who are not suspects.

(i)Compliance. Failure to file a SAR in accordance with this section and the instructions may subject the national bank, its directors, officers, employees, agents, or other institution-affiliated parties to supervisory action.

(j)Obtaining SARs. A national bank may obtain SARs and the Instructions from the appropriate OCC District Office listed in 12 CFR part 4.

(k)Confidentiality of SARs. A SAR, and any information that would reveal the existence of a SAR, are confidential, and shall not be disclosed except as authorized in this paragraph (k).

(1)Prohibition on disclosure by national banks -

(i)General rule. No national bank, and no director, officer, employee, or agent of a national bank, shall disclose a SAR or any information that would reveal the existence of a SAR. Any national bank, and any director, officer, employee, or agent of any national bank that is subpoenaed or otherwise requested to disclose a SAR, or any information that would reveal the existence of a SAR, shall decline to produce the SAR or such information, citing this section and 31 U.S.C. 5318(g)(2)(A)(i), and shall notify the following of any such request and the response thereto:

(A) Director, Litigation Division, Office of the Comptroller of the Currency; and

(B) The Financial Crimes Enforcement Network (FinCEN).

(ii)Rules of construction. Provided that no person involved in any reported suspicious transaction is notified that the transaction has been reported, this paragraph (k)(1) shall not be construed as prohibiting:

(A) The disclosure by a national bank, or any director, officer, employee or agent of a national bank of:

(1) A SAR, or any information that would reveal the existence of a SAR, to the OCC, FinCEN, or any Federal, State, or local law enforcement agency; or

(2) The underlying facts, transactions, and documents upon which a SAR is based, including, but not limited to, disclosures:

(i) To another financial institution, or any director, officer, employee or agent of a financial institution, for the preparation of a joint SAR; or

(ii) In connection with certain employment references or termination notices, to the full extent authorized in 31 U.S.C. 5318(g)(2)(B); or

(B) The sharing by a national bank, or any director, officer, employee, or agent of a national bank, of a SAR, or any information that would reveal the existence of a SAR, within the bank's corporate organizational structure for purposes consistent with title II of the Bank Secrecy Act as determined by regulation or in guidance.

(2)Prohibition on disclosure by the OCC. The OCC will not, and no officer, employee or agent of the OCC, shall disclose a SAR, or any information that would reveal the existence of a SAR, except as necessary to fulfill official duties consistent with title II of the Bank Secrecy Act. For purposes of this section, official duties shall not include the disclosure of a SAR, or any information that would reveal the existence of a SAR, in response to a request for use in a private legal proceeding or in response to a request for disclosure of non-public OCC information under 12 CFR 4.33.

(l)Limitation on liability. A national bank and any director, officer, employee or agent of a national bank that makes a voluntary disclosure of any possible violation of law or regulation to a government agency or makes a disclosure pursuant to this section or any other authority, including a disclosure made jointly with another financial institution, shall be protected from liability to any person for any such disclosure, or for failure to provide notice of such disclosure to any person identified in the disclosure, or both, to the full extent provided by 31 U.S.C. 5318(g)(3).

[61 FR 4337, Feb. 5, 1996, as amended at 75 FR 75583, Dec. 3, 2010]

Источник: https://www.law.cornell.edu/cfr/text/12/21.11
sar bank form

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3 Replies to “Sar bank form”

  1. I live in Serbia. Can I receive money through Western Union from someone who lives in America? And what's the best way to do it?

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